$125 mn award to bechtel

A Paris-based independent arbitration panel has ordered a final binding award of more than $125 million against the Maharashtra government and the state electricity board to compensate Bechtel for its investment in the defunct Dabhol power project.

The panel, under the auspices of icc International Court of Arbitration, has said Maharashtra and two affiliate agencies expropriated a Bechtel affiliate's interest in Dabhol Power Company and ruled that Bechtel should be compensated for its original investment and for interest and associated costs.